In lieu of a debt, the company received 1.5% of Rux’s 10% net smelter return in Shkolnoye. At last report, that project hosted 487,600 tonnes grading 21.3 grams gold per tonne and required US$20 million in capital to develop.
In related news, Rux has agreed to buy up to 750,000 shares in Dallas, Tex.-based Business Web Inc. (BWI) at US$3.40 per share. If purchased in full, the shares would give Rux an 8.3%-equity interest in BWI.
Rux also has been given a licence to market and develop for the resource sector proprietary software developed by BWI. One of the company’s goals is to sponsor and coordinate trade shows in cyberspace for the mining, forestry and oil and gas industries.
Consequently, Rux has appointed to its board BWI President Chris Meaux and will change its name to Rux Business.com, pending shareholder approval.
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